ING: COMEX-LME copper spread near $400 a tonne as US tariff expectations pull metal west

ING reported in mid-June that the COMEX-LME copper spread had widened to around $400 a tonne in early June and had turned positive again in late March. ING links the gap to expectations of a US tariff on refined copper, with metal being redistributed toward US warehouses rather than demand growth.

• COMEX-LME spread around $400 a tonne in early June 2026
• Spread turned positive again in late March and has widened since
• Peak of about $2,937 a tonne in late July 2025 gives context for the move